Want to cut broker out of the loop.

E

Elphaba

Guest
Six months ago I renewed a Pension policy.

Rang 'em up direct got them to switch it to another fund. I had to stop it for a while prior to that due to financial problems. When I stopped it I assumed all contact would cease with original broker.

Anyway, we were overcharged a few hundred in Nov last year, rang them to get it back, said they would send it out.

Discovered today they sent refund cheque to old Broker in Jan, but he never sent it on to me, but thankfully he didn't cash it. I could have done with that money in Jan, instead of languishing in a brokers pocket.

I have requested that my pension be treated individually with (i.e. cut out the broker) as I shudder to think of the commission broker is being paid out of my very hard earned money.
 
Re: Dodgy Broker

Did you get the money in the end? What explanation did you erstwhile broker give for holding onto it? I presume you meant "NI" and not "NA" above?
 
Re:Broker

I rang broker and he said he knew nothing about it, but went on to say it wasn't cashed. Broker then rang ins. co. who rang me to say they would send a cheque out to me next week and they apologised. Broker transparency I think is still a grey area, I queried this with broker and he said he sent me a copy in 2003 about broker/customer trans. I would really like to know his commission. Ins. co. guy was really insistent that I use a broker, but I persisted and he reluctantly revealed that I can request pension be treated individually. I'm prepared to take my chances with my chosen fund, dont need or want a broker to advise me otherwise.
 
Last edited by a moderator:
Re: Dodgy Broker

You should get written conformation from NI of any commission being paid to the broker.
 
Re: Dodgy Broker

NI told me it was up to the broker to tell me that.
 
Re: excuctive pension policy with New Ireland, want to cut original out of the loop.

Hi Elph,

Ive changed the title from "dodgy broker" to "excuctive pension policy with New Ireland, want to cut original broker out of the loop".

...........to more accurately reflect the question. Please feel free to edit it yourself again if you want.
 
Re:Broker

No...thats fine, hope it can generate some debate.
 
Re: Dodgy Broker

Elphaba said:
NI told me it was up to the broker to tell me that.
Click to expand...

So ask the broker. Or if you want to make life difficult for NI, submit a request under the Data Protection Act for a copy of all data relating to you, and see what that tells you.
 
Re: Dodgy Broker

As far as I'm aware NI are correct in stating that it is up to the broker and not them to disclose how much commission was taken.

If you do switch from your broker to a 'direct' policy, you may want to ask NI if it is possible for them to change the product. The reason I say this is that NI may simply change the agency of your policy from the old broker to an 'orphan' agency. The same charging structure will apply and NI will effectively be paid the commission that the broker was previously being paid.

So be sure to ask for a nil commission product if you are going it alone
 
I don't think that OP can ask for a nil commission product - unless you go through a broker that will give a nil commission product, NI will incur costs if there is no broker!
 
Yes, we should all ask our friendly insurance company to remove all charges!
 
CapitalCCC said:
Yes, we should all ask our friendly insurance company to remove all charges!
Click to expand...

I take it you were being sarcastic CapitalCCC :) ??

If there were no charges on policies then the poor old administrators wouldn't get paid, and there would be no funds for IT development, improving systems and developing new products etc etc...
 
Re: Dodgy Broker

Thanks for replies. Still no refund. Myadvisor states broker commision is 6-8% of money you pay into fund....which is a fair whack! I think I'll stick
my money under the mattress.
 
Re: Dodgy Broker

CapitalCCC said:
I don't think that OP can ask for a nil commission product - unless you go through a broker that will give a nil commission product, NI will incur costs if there is no broker!
Click to expand...

I think we should all be entitled to tranparancy though, don't you think?

Elphaba said:
Thanks for replies. Still no refund. Myadvisor states broker commision is 6-8% of money you pay into fund....which is a fair whack! I think I'll stick
my money under the mattress.
Click to expand...

Were you aware of these charges from the start?
 
May well be so but I don't think OP will get that by going direct to insurance company.
 
No Sherpa - I'm an actuary working for a US multinational.

What's your point?
 
No problem Sherpa - I think I might know the mistaken identity!
 
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